The scale and profits of the loan assistance platforms declined after the new regulations, with many expanding into the cryptocurrency space and "going overseas."

ME News Report, April 6 (UTC+8), under the combined effects of the official implementation of new lending regulations and the slowdown in consumer credit demand, many consumer loan facilitation platforms have seen year-on-year declines in revenue and disbursement scale, with net profits dropping significantly. Some facilitation platforms are seeking “going overseas” and investing in “cryptocurrency circles” as second growth curves. The new lending regulations impose management requirements such as a “whitelist system” on facilitation institutions, effectively drawing a clear compliance red line for the internet facilitation industry.

It is reported that on the eve of this year’s “3.15” International Consumer Rights Day, the China Banking and Insurance Regulatory Commission held talks with leaders from Lexin, Qifu Technology, Jiayin Technology, Yiren Zhike, and Xinfei Technology. Platforms like Lexin and Yiren Zhike have already expanded overseas, with Southeast Asia and Latin America becoming main battlegrounds. Vixin Jinke has been continuously expanding into the blockchain industry over the past two years, and in 2024, it indirectly acquired a 15% stake in the cryptocurrency exchange Thousand Whales Technology (BVI). Last year, it invested HKD 2.4B in Hong Kong Securities and Futures Commission’s first licensed virtual asset trading platform, EXIO Group. (Source: PANews)